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'Closed loop' model likely to pose refund issues for customers
Business Standard
|April 22, 2025
Pocket Pinch
Customers of the beleaguered electric vehicle ride-hailing platform BluSmart may have to wait for 90 days or more to get a refund from their Blu Wallets even as the 'terms of use' outline that the wallet is strictly 'non-refundable' and holds 'no expiry date'.
The 90-day refund period and the non-refundable wallet policy have raised concerns among BluSmart users, as the company's wallet operated within a closed-loop system.
Closed loop prepaid payment instruments (PPIs), such as the BluSmart wallet, enable users to only purchase services from the ride-hailing entity alone. Cash withdrawals are not permitted for such wallets.
Esta historia es de la edición April 22, 2025 de Business Standard.
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